CPF top-up, payout processes to be further simplified

Parliament has been presented with the proposed changes to the Central Provident Fund. CPF members will continue to receive their retirement payouts from their Ordinary and Special Accounts without disruption, even when their Retirement Account is depleted. To help members build up their nest egg, the tax relief for voluntary contributions to MediSave and Retirement Sum top-ups will be provided to givers, instead of recipients. The tax relief cap will also be increased by $1,000 to $8,000.

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